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CartaCapital was created in 1994 by Mino Carta, an Italo-Brazilian journalist. In 1968, Carta founded Brazil's leading newsmagazine Veja alongside Victor Civita. Eight years later, he founded IstoÉ, another popular newsmagazine. Unsatisfied with the result of the magazines he helped to create, Carta founded CartaCapital as an alternative to these. CartaCapital is noted for its small crew; it only has eleven journalists.

The magazine is known for supporting causes in a frank way, such as Luiz Inácio Lula da Silva's both candidatures, the legalization of abortion in all cases, the maintenance of the current age of criminal responsibility and the extradition of Cesare Battisti to Italy, among other polemic issues. Carta argues that the magazine does it to avoid hiding in a curtain of impartiality and not being honest to its readers.

CartaCapital is a declared left-wing publication but has in its staff Antonio Delfim Netto, Minister of Economy during the military dictatorship. Besides his participation in a right-wing government, Antonio Delfim Netto is a Keynesian[citation needed].

Other publications have accused CartaCapital of being a pro-government publication only because of the Federal Government advertisement on its pages. There is no evidence of this fact and all major political publications in Brazil also receive large amounts of Government advertisement.

CartaCapital also publishes an educational magazine titled Carta na Escola on a monthly basis. It is dedicated to teachers, advising them on how to discuss the news with their students.